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18/08/2009

Capital increase at Swedbank

The Swedish bank Swedbank has announced a capital increase of SEK15bn, or EUR1.45bn, which has been 100% subscribed. The capital will go to strengthen the bank’s balance sheet.
18/08/2009

3i to sell off European investments

The Financial Times reports that 3i is in exclusive talks to sell a portfolio of 36 European venture capital investments to a consortium led by Coller Capital and HarbourVest Partners for about GBP100m. Last year, 3i abandoned early stage investments in start-up companies, which has been its least performing activity since the tech bubble burst.
18/08/2009

Trading platform up for sale

La Tribune reports, citing Bloomberg, that the trading platform Turquoise Alternative, launched in late 2008, is up for sale. Documents related to the potential sale were sent to 18 potential candidates, including NYSE-Euronext and the London Stock Ecxhange.
18/08/2009

BBVA veut grandir aux Etats-Unis

En début d’année, la présidente de la Federal Deposit Insurance Corp. a eu la visite discrète de Francisco González, le PDG de BBVA, croit savoir le Wall Street Journal. Le dirigeant voulait être sûr que la FDIC penserait à lui lorsqu’elle vendrait les actifs des banques US en difficulté, affirment des personnes proches du dossier. Francisco González n’a fait aucun commentaire sur cette réunion, mais a déclaré que BBVA est intéressé par des acquisitions tactiques dans le sud des Etats-Unis.
18/08/2009
Fonds

Les fonds concentrés font mieux avec moins

Les meilleurs fonds actions ont souvent peu de lignes en portefeuille, constate le Wall Street Journal, dans un article consacré aux fonds concentrés. En moyenne, les fonds actions détiennent 172 lignes, selon Morningstar, alors que les fonds concentrés ont en général seulement 25 positions. Les gérants de fonds concentrés ont peu de marge d’erreur, ce qui les oblige à mettre l’accent sur l’analyse des entreprises. Et pour se protéger davantage, ils achètent les titres avec une forte décote.
Fonds
18/08/2009
Fonds

Les hedge funds commencent à refuser de l'argent

Quatre grands gestionnaires de hedge funds ont fermé les fonds phares qu’ils avaient rouverts en début d’année, rapporte Financial News. Il s’agit de Nevsky Capital, Lansdowne Partners, Tudor Investment Corporation et SAC Capital.
Fonds
18/08/2009

Un répit pour le groupe CIT

Selon la Tribune, les créanciers du groupe américain CIT ont apporté 59,81 % de titres à l’offre de conversion de 1 milliard de dollars de dette obligataire arrivant à échéance lundi 17 aooût. CIT évite ainsi la faillite.
18/08/2009

Enquête autour d'une acquisition de RBS

Selon le journal les Echos qui reprend une annonce de Royal Bank of Scotland, le régulateur du secteur financier britannique (FSA) a entamé une enquête sur le rachat en 2007 de la banque néerlandaise ABN Amro par la banque écossaise. RBS, via un consortium incluant Santander et Fortis, avait acquis l'établissement pour 70 milliards d’euros. En difficulté financière en partie du fait de cette transaction, ajoute le quotidien, RBS avait été contraint l’année dernière d’abandonner au gouvernement la majorité des ses parts. En contrepartie, la banque a été renflouée à hauteur de 20 milliards de livres sterling (23,16 milliards d’euros).
18/08/2009

RBS va vendre sa filiale de gestion d'actifs

Selon Financial News, qui cite des sources du secteur, Royal Bank of Scotland est sur le point de mettre en vente son activité de gestion d’actifs, RBS Asset Management. Cette dernière, spécialisée dans les fonds de fonds, conseillait des actifs représentant 50 milliards de dollars en fin d’année dernière.
18/08/2009

Objectif clients très fortunés pour ABN Amro

Selon le quotidien suisse Le Temps, la banque ABN AMRO a nommé Nicolas Geissmann, responsable de Private Wealth Management (PWM), afin qu’il gère de Genève et pour la Suisse le segment des «Ultra High Net Worth Individuals» (UHNWI), les plus riches clients de l’établissement. Il s’agit de développer le segment des clients possèdant au moins 25 millions de francs d’actifs à investir. En Suisse, le poids financier de la clientèle PWM - composée de particuliers et/ou des entreprises - est d’environ 5,5 milliards de francs.
18/08/2009

Nominations chez Dexia

Selon les Echos, Daniel Ivanier est nommé directeur des opérations de Dexia Crédit Local et membre du comité de direction. Il est remplacé par Guy Cools en tant que responsable des activités de Dexia North America. Bruno Accou est nommé responsable des succursales de Dexia Crédit Local et de Dexia Banque Belgique au Royaume-Uni.
18/08/2009

3i va céder des investissements européens

Selon le Financial Times, 3i est en négociations exclusives pour vendre un portefeuille de 36 investissements européens de capital risque à un consortium dirigé par Coller Capital et HarbourVest Partners pour environ 100 millions de livres. L’année dernière, 3i a décidé de renoncer aux investissements dans les start-ups en phase de création, son activité la moins performante depuis l’éclatement de la bulle technologique.
18/08/2009

Le fonds souverain chinois vise le cinéma

Selon le quotidien The Times de lundi 17 août, le fonds souverain China Investment Corporation (CIC) - qui représente 200 milliards de dollars - compte investir dans la production audiovisuelle occidentale et asiatique d’après une source proche du fonds d’Etat. Ces investissements pourraient donner au gouvernement chinois une part directe dans un grand nombre de réalisations, des drames sud-coréens ou des jeux télévisés japonais jusqu’aux grandes productions hollywoodiennes et les séries. Toujours selon des sources proches du fonds souverain, des pourparlers auraient été entamés entre CIC et deux groupes de private equity américain très impliqués dans les medias au centre desquels il est question d’une société de production de films à Hollywood.
17/08/2009

Recovery will likely remain fragile, according to Morgan Stanley

Morgan Stanley expects GDP growth in the euro area to stay close to the zero line in 3Q, after a number of countries, notably Germany and France, posted a surprising rise in 2Q GDP, and the euro area recorded a decline of 0.1% ahead of forecast. Aggressive destocking in 2Q and strong car sales could potentially create more positive surprises. Looking further ahead, however, the US bank thinks that recovery will likely remain fragile. “Consumer spending will likely weaken once subsidized car buying loses steam and deteriorating labour market conditions will likely dent income and confidence”.In the euro area, Morgan Stanley still looks for a marked contraction in 2009. “At -4.0%, on our revised estimates, the contraction in GDP is a tad smaller than the -4.4%Y we were showing before”, says the bank. Its full-year forecast for 2010 improves only marginally from 0.5%Y to 0.6%Y.
17/08/2009

Bonuses remain high despite crisis

According to a study by New Bridge Street, cited by the Financial Times, one fifth of the FTSE 100 companies paid out 90% of maximum possible bonuses to their top directors in 2008, even as nearly 90% of these companies suffered share price falls.
17/08/2009

Record assets in ETFs

At the end of July, the 1,768 ETF funds worldwide monitored by Barclays Global Investors had total assets of USD862bn, the highest levels ever observed. The previous record was set in April 2008, when funds had assets of USD805bn. Since the beginning of the year, assets have increased by 21.2%, a larger increase than the MSCI World index in US dollars (+13.5%). The number of ETF funds, for its part, has gained 11.1% since January, as 240 new ETFs have been created, while 74 were closed. This growth is set to continue, according to BGI, as 780 more new ETFs are currently in the works. The market is shared by 94 providers, but iShares, which is now owned by BlackRock, continues to be the largest purveyor of ETFs, both in terms of the number of products on offer (391 ETFs) and assets (USD414.4bn). The firm controls nearly half of the market (48.1%). State Street Global is far behind, with 15.2% of the market, followed by Vanguard (7.8%). In Europe, assets in ETF funds set a record in July, with USD183bn, beating the previous record set in May 2009 by 8.4%. As of the end of the month, 753 ETFs were on sale, 12.8% more than at the beginning of the year. iShares also dominates the European market, with a market share of 39.6%. Its main competitors are Lyxor, with 20.5%, and db x-trackers, with 16.3%.
17/08/2009

Offshore islands removed from 'grey list'

According to Les Echos, which cites an announcement by the Organisation for Economic Co-operation and Development (OECD) on Friday, the British Virgin islands and the Cayman Islands have been removed from a “grey list” of tax havens, after signing twelve international tax information sharing conventions.
17/08/2009

US Natural Gas ETF runs up against CFTC regulations

The US Natural Gas Fund ETF is looking for a way around rules put in place by the Commodity Futures Trading Commission, which limit the size of permitted positions on natural gas, the Wall Street Journal reports. The fund is planning to turn to offshore energy markets. The ETF weighs in at USD4.5bn, and is positions now represent 30% of all natural gas futures in circulation, which is causing concerns about its influence on natural gas prices.
17/08/2009

Vontobel returns to profitable territory

Vontobel Group has returned to profitability in first half, with net profits of CHF62.4m, compared with losses of CHF1.2m the previous half. This is nonetheless lower than the profits of CHF114.7m earned one year earlier. The Swiss firm has posted net subscriptions of CHF0.8bn in first half, of which CHF0.6bn comes from private clients, and CHF0.2bn from institutional investors. In total, assets under management have increased by 4% in the six-month period under review to CHF65bn. But for the one-year period, they are lower than the CHF74bn posted in June 2008.
17/08/2009

Large banks will have to pay

According to a declaration by a spokesperson for the US Treasury, reported in La Tribune, the financial product consumer protection agency now in the process of being created will be paid for by taxes on banks with assets of over USD10bn.
17/08/2009

Madoff's mistress comes forward

Bloomberg reports that Sheryl Weinstein, a 60-year-old accountant who publicly accused Bernard Madoff of stealing the savings of her family, has written a book which will go on sale on 25 August. In the work, entitled “Madoff’s Other Secret: Love, Money, Bernie, and Me,” Weinstein reveals that she had an extramarital affair with the man, whom she met 21 years ago, when he was CFO of Hadassah, an American Zionist women’s organisation. “She is entitled to free speech,” says Ira Sorkin, Madoff’s lawyer. For his part, Peter Chavkin, Ruth Madoff’s lawyer, had no comment.
17/08/2009

UBS to name 5,000 US clients

“UBS may reveal the identity of 4,500 to 5,000 of its US clients with secret accounts in Switzerland, under an agreement reached last week between the US government and the bank,” L’Agefi reports, citing the Swiss weekend press. The weekly newsmagazine NZZ am Sonntag states that the agreement in question, which is to be signed this week, will be modelled on a previous agreement reached in 1996.
17/08/2009

Pequot veteran joins Blackstone

Byron Wien has joined the alternative investment firm Blackstone, as vice president of Blackstone Advisory Services. He was previously chief investment strategist at the hedge fund firm Pequot Capital, which is currently facing a legal challenge by the Securities and Exchange Commission.
17/08/2009

Pimco recommends active management of TIPS

Pimco (Allianz group) has found that, although index-based management is a great way to manage equities, the same is not true of Treasury inflation-protected securities (TIPS), the Wall Street Journal reports. For these assets, passive management may result in missed opportunities and hidden costs. The Pimco study comes as the iShares Barclays TIPS ETF is proving highly successful, with nearly USD5.6bn in inflows in 2009, the WSJ reports.

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